Connect with us

Hi, what are you looking for?

Oracle of  Omaha SaysOracle of  Omaha Says

Investing

Nifty and German 40: Nifty strengthens bullish momentum

Nifty and German 40: Nifty strengthens bullish momentum

Last Friday was favorable for the Nifty as we saw the index recover to 24600.00
During this morning’s Asian session, German 40 climbed to a new weekly high of 18496.6

Nifty chart analysis

Last Friday was favorable for the Nifty as we saw the index recover to 24600.00. We finally saw a strong bullish consolidation that stabilized us above the EMA 200 moving average. Monday was quite quiet; this morning, we saw a bullish gap index up to 24734.30 levels. After that, we ended the session by staying above 24650.00. Towards the end of the session, the index began to weaken and retreated to 24672.00.

For a bullish option, we need a new impulse of Nifty above 24800.00 to continue the rise to a new high. Potential higher targets are 24900.00 and 25000.00 levels. We need a negative consolidation and a return to the 24500.00 level for a bearish option. There, we will test the weekly open price support. If it fails to stay there, it will be followed by a pullback below to a new weekly low. Potential lower targets are 24400.00 and 24300.00 levels.

 

German 40 chart analysis

During this morning’s Asian session, German 40 climbed to a new weekly high of 18496.6. After that, the index stopped there and began to retreat. The support at the daily open price was not helpful, and we see a decline below. We are now at 18380.0, and all indications are that we will see a further pullback to a new daily low. Potential lower targets are the 18300.0 and 18250.0 levels.

German 40 could receive additional support in the EMA 50 moving average at 18300.0. For a bullish option, we need a positive consolidation and price return above the 18450.0 level. With that step, we are returning above the daily open price, and the chances of continuing on the bullish side are increasing. Potential higher targets are the 18500.0 and 18550.0 levels.

 

The post Nifty and German 40: Nifty strengthens bullish momentum appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...

    Latest News

    Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

    Stock

    Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

    Latest News

    President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...